Australian shares are lower at midday, with the S&P/ASX 200 down 0.24% to 8933.8 at 12.22pm AEST, as investors trim exposure to banks and miners ahead of the weekend, with the market set to snap a three-week winning streak. The index is down around 0.4% for the week, while Brent crude trades near US$98 a barrel.
Across the sectors, financials are the main drag, while materials are also weaker as gold miners decline. Energy stocks are steady despite softer oil prices. In company news, Paladin Energy upgrades production guidance, Zip lifts earnings expectations, NRW secures new contracts, and Insurance Australia Group faces regulatory review on its proposed acquisition.
In other company news,
AuKing to acquire high-grade rare earths project in Malawi
AuKing Mining (ASX: AKN) has agreed to acquire 100% of the Tundulu Rare Earths Project in Malawi, a large carbonatite-hosted system with historical high-grade drilling and strong exploration upside. The acquisition is supported by a proposed capital raising of around $3 million, with plans to commence drilling and target a maiden resource within 12 months.
Orthocell records first U.S. surgical use following DoD approval
Orthocell (ASX: OCC) has completed its first surgical case using Remplir within the U.S. Department of Defense and Veterans Affairs hospital network, shortly after gaining access to the system. The milestone marks initial clinical adoption across a network of more than 200 hospitals and supports the company’s broader U.S. commercialisation strategy.
American Uranium launches entitlement offer to fund project development
American Uranium (ASX: AMU) has launched a pro rata entitlement offer to raise up to $2.58 million to fund drilling and technical studies at its Lo Herma uranium project ahead of a planned scoping study. The offer includes attaching options and is aimed at advancing exploration and development activities.
